PPI Claims

RiverStar

Hi all,
Like many of you I received a phone call last year telling me I could reclaim PPI payments on loans I had years ago. I invited the guys out to discuss who proceeded to tell me they could get me my PPI refunded. Loans were for Welcome, Blackhorse and Aqua. They promised to chase them on my behalf for a third share of the money recovered. I thought this was fair enough and believed they would save me the headache, however, outcome was, Welcome have paid and they chased me for £500 which I did pay them although I did the chasing myself, I waited months and finally prompted them, then they wrote to tell me they had sent a letter to the company.
Anyway, now I received a payment from Aqua and this is a result of MY chasing up (same situation with Blackhorse) and now I'm getting harrassed for a third of monies and there threatening to take legal action.
My question is since I done the chasing myself (I did sign some agreement) do I really have to pay them. I'm loathe to paying for a service I did not recieve and have paid already in good faith. They literally did nothing and expect arount £500 for it.. I've to call the rep back tonight with I take it my bank details!
Does anyone have any advice for me as to if I dont want to pay them for reasons stated above, can they take me to court...
My advice to all re PPI, please chase up yourselves, you dont need a third party if my experience is anything to go by.
Thanks for reading this and any help is appreciated.

dunstonh

My question is since I done the chasing myself (I did sign some agreement) do I really have to pay them.

Yes. Almost certainly you do.

You entered into a contract with them and whilst the vast majority only put a stamp on the envelope and do no more, that is what you agreed to when you decided to use them.

magpiecottage

Unfortunately, a CMCs' business model relies on its customers being greedy and/or gullible.

Greedy because they see it as an easy way of getting some cash, rather than that a complaint is intended to redress the consequences of the original missale (not suggesting this applies to the OP).

Gullible because if they have genuinely not foreseen the consequences of the original course of action that amounted to a missale they can probably be fooled again.

So, having been sold an overpriced and unsuitable PPI policy you have unfortunately now agreed to pay £500 a time to put a couple of stamps on envelopes for you and put them in the post.

Even for me, who would have to spend an hour shuffling down to the post box and back with my zimmer frame for each letter (I am recovering from operations on my leg) that would really be a pretty good hourly rate.

The CMC will almost certainly be getting a better hourly rate than whoever sold the original policy - and certainly not be any better qualified.

src007

Why didn't you start the complaint yourself originally before being contacted by the CMC?

Would you have ever started the complaint on your own if it wasn't for the company?

Would you have even been aware that you had a mis-selling complaint? Whats 100% of zero?

Of course they should have provided a better service and charged you less but like anything you should shop around to get a good deal. If you go with the first company that cold calls you, you'll get a bad price (this goes for anything).

I wouldn't buy anything from a cold caller, so I think the mistake was made at that stage. Other than asking for a discount for the poor service (which is a long shot) there's not much you can do.